Such customers were being overcharged 4.1 billion pounds ($5.2 billion) a year, the charity said on Friday and asked the Competition and Markets Authority (CMA) to tackle this. This will include engagement with relevant regulators such as the Financial Conduct Authority (FCA) and Ofcom. “As a result of this super-complaint, the CMA should come up with concrete measures to end this systematic scam,” Guy said. The financial watchdog said it would launch a market study into how general insurance firms charge their customers for home and motor insurance. It said its complaint on payment protection insurance (PPI) in 2005 has helped customers receive 32.2 billion pounds in refunds and compensation so far.

Source: The Express Tribune September 28, 2018 16:20 UTC